- How to start a business with no money.
You're not the first one to ask me that question.
Somehow, I guess, with people who are struggling financially
they want to start a business and thinking that's a way out.
And sometimes it is, sometimes it isn't.
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I believe the worst time you wanna start a business
is when you have no money, because you're desperate.
When you're desperate when you start a business,
it's not a good idea because, chances are,
there's a reason why you have no money in the first place.
It tells me a number of things.
It tells me maybe you don't have a lot of skills.
Maybe you don't have a lot of experience.
Maybe you don't have a lot of knowledge.
Maybe mentally, the mindset wise, you're not ready.
Maybe you have a negative association with money.
It tells me a lot about who you are.
So don't start a business just because you wanna make money.
Nothing wrong with making money. I like making money.
But if you're actually struggling that much financially,
I tell people, and this is so counterintuitive
to most gurus or experts or whoever
is promoting entrepreneurship.
And I'm an advocate for entrepreneurship.
Get a fucking job. Get a job. Pay the bills.
Get some money coming in.
I don't care if it's part time, full time, whatever.
Get some money coming in first, right?
And in the evening when you're off work,
after 5-o'clock, that's when your business starts.
You know, start what people nowadays call,
the young people, call the "side hustle," right?
That's fine.
Do some stuff, because now with computer,
there's so many things you can do, right?
With technology, that's okay, but don't start a business
with absolutely no money thinking that you'll make it.
Oh, great, that I'll make it.
You can't even find a fucking job.
What makes you think you'll be
successful as a business person?
I mean, just kinda think about it. It's kinda stupid.
But if you're decent at what you do,
and you're adding value to the marketplace,
now you're honing your skills, fine.
Then you can.
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I explain why first you have to develop your
first high income skill before you start a business.
I went the idea and the philosophy that I have.
So once you have some money coming in,
you're paying the bills, now you can consider,
okay, what is it that you wanna do?
What business do you want to start?
But here's the thing: I don't think everybody
should start a business, and I don't think
everybody should be an entrepreneur.
I don't think it's for everybody.
I think it's because now the media, they promote so much.
Or even on YouTube, on social media,
oh, entrepreneurship, be your own boss,
and start your own business, and live that life.
Well, if you actually talk to people who have
started businesses, first of all, most of them failed.
Statistics show, could be 90%, it could be 95%
of small businesses fail in the first five years.
Whatever the number is, it doesn't matter.
It's just the number is fucking high.
So knowing that, when you do something,
it's like you take this risk knowing that,
chances are, 9 out of 10, you're gonna lose.
Period. 9 out of 10.
Even if you do make it, chances are,
you're maybe just like getting by and struggling
and not, like, not really prosper.
But here's the problem: the one that made it,
sometimes you see on the cover of the magazine.
Oh, this guy made X amount of dollars.
This guy made it big.
Yeah, but you don't see the 10,000 that died.
Because those guys don't make it
on the cover of the magazine.
You don't see, "Hey, here's an entrepreneur that lost his
"life savings and mortgaged his house
"and lost like $200,000.
"Let's put him on the cover."
You never hear those stories.
But if you actually talk to entrepreneurs,
yeah, there are a lot of those stories.
And I started many, many businesses,
and I failed at many businesses.
And I had so many failed years. I made so many mistakes.
So it's not for everybody. It truly is not for everybody.
And you don't necessarily have to be
an entrepreneur to make a lot of money.
That's something I've learned over the years.
You can have high income skills.
That makes you very good money.
Decent amount of money.
And if you can invest that properly,
you can also have a very comfortable life.
An entrepreneur, it requires leadership.
It requires so many skillsets.
It's just like not everybody can be an Olympic swimmer.
But everybody could be a marathon runner.
Not everybody could be a world-class basketball player.
It's just not for everybody.
But somehow, when it comes to business,
everybody is so optimistic, overly optimistic.
"Oh, yeah, I could do it. I could start a business.
"I would make money in three months.
"I would break even the first month."
No, actually think,
"Within a year I'll hit a million dollars."
That's how they all think. It's incredible.
Because nobody start a business with the idea,
"Oh, I'm gonna fail. I'm not gonna make it.
"Oh, it's not gonna break even in three months, no."
But what if it doesn't make money in three months?
And what if it doesn't make money in six months?
And what if it doesn't make money in a year?
What if it doesn't make money in five years?
Then what do you do? What do you do?
Now you put yourself, you put your family,
you put the people who love you...
Chances are because you probably need
more money from them to start, for most of us.
Then what do you do?
You put them in such a bad financial position.
So don't do that. I would say don't do that.
You're gonna start a business coming from a place
of where you are stable, coming from a place where you
do have money coming in, maybe some savings aside.
Coming from a place where you have some kind of skillsets.
Coming from a place where you do have support.
Coming from a place where you do have a mentor to guide you.
Coming from a place where,
if you're going into an industry, that you have an edge.
And coming from a place where you're not overly optimistic,
but you look at what you do and say,
"Hey, what could go wrong? What don't I know?
"What assumptions am I making? How do I know this will work?
"And what if it doesn't work?
"What if it takes much longer to work?
"What if it takes 10 times more effort to work?"
Don't worry about winning.
Worry about all the possible ways that
you could lose and you could fail, and you prevent yourself
and you prepare yourself for all of that.
You can do that, then you'll win.
Prepare all the shit that could go wrong.
Prepare all the shit that doesn't go as expected.
You have a solution, have a plan for all those,
chances are, you think it through, and this would work.
Now, it's not a sexy answer.
You're looking for an answer, I know.
"Oh, yeah, go for it. Start it.
"Be an entrepreneur. You'll be successful."
That's all fucking BS.
I say, you think you're starting a business, think twice.
Make sure it is something that you really, really want.
And make sure you start getting ready,
getting the money ready, start mentally ready,
all of that before you go into it.
Because it's tough.
Whatever you're thinking,
if you have not started a business,
you think it takes you this much effort,
it's gonna be this much difficulty,
it's gonna be this much.
And it's gonna be this much not for a short period of time.
A long period of time.
I'll leave you with a quick story
and then we'll wrap this up.
Years ago I was having lunch with my mentor.
And my mentor asked me the question.
He said, "Dan, what do you think is the
"number one quality of an entrepreneur?"
The number one quality of an entrepreneur.
I said, "Well," also naive at the time,
I said, "I don't know, maybe is it vision?
"You gotta have a vision."
He said, "No."
"Is it, you got to be able to lead.
"You gotta build a team of people. Teamwork."
He said, "No."
I said, "Oh, you need persistence.
"You need to be able to persist and not give up."
He said, "No."
"Is it, oh, you need money. You need capital, of course.
"To set up a business you need money."
He said, "No." And I went on and on and on.
He said, "You know what? All those are important.
"But they're not the most important qualities
"of a successful entrepreneur."
He said something I'll never forget.
He said the quality of a successful entrepreneur
is the ability to endure pain for a long period of time.
The ability to endure pain for a long period of time.
Now, at the time I was so young, and I didn't understand.
But now, as I'm more mature, where I am today,
looking back, that's actually very, very accurate.
The ability to endure pain for a long period of time.
When everything else is against you.
When the marketplace is against you.
When your family is against you.
When the whole world is thinking you cannot make it.
When in those dark days where you can't even,
like, you're days away from getting like,
you know, your business shut down.
When your lights turn off.
Those dark, dark moments where you're alone
and nobody understands and nobody could help you,
even your spouse don't understand you.
Can you endure?
You can do that, again and again and again and again,
that's the number one quality of an entrepreneur.
So that's my answer.
How do you start a business with no money?
I went off a tangent a bit, but there's a lot of things
I've shared with you I think are very, very important.
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Until next time, I'll see you in my Bentley.